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Short Term Bailout Vs. Long Term Planning

In 1866, Leonard W. Jerome, a financier and a pioneer of American horse racing, built a racetrack in what is now the Bronx. To ensure its success, he cultivated an audience of wealthy New Yorkers.

To make the journey from the city easier, Mr. Jerome persuaded the Town of West Farms, where the track was, to issue bonds for a new road. His name is engraved on the older notes.

Jim Lebenthal, a municipal bond expert, purchased two $500 West Farms bonds on the open market in 1971.

In 2001, Mr. Lebenthal transferred his bonds to the Museum of the City of New York. The museum is among the 39 bondholders still collecting interest on the antique bonds. This one, issued in 1870, will mature in 2135.